Another giant whale makes a move. On Wednesday alone, $150 million was spent sweeping up Ethereum, and they even declared they are "steadily moving towards the goal of holding 5% of the circulating supply."

This sounds like long-term value investing, but think about it—when a single entity holds 5% of the network's circulating tokens, can we still call it decentralized?

**The Magic Number: 5%**
Don’t underestimate this ratio. What does reaching 5% mean? Enough voting power, enough influence to sway ecosystem proposals, enough force to create waves in the secondary market. Buying bit by bit is like boiling a frog in warm water. Once enough tokens are accumulated, both market sentiment and key decisions could be manipulated by this “invisible hand.”

**The Liquidity Trap**
Even more critical is the lock-up effect on the circulating supply. Every time this entity buys a batch, there’s less freely circulating Ethereum in the market. On the surface, they tout "long-term confidence in ecosystem development," but in reality, they’re building a reservoir that can unleash a flood at any moment—pump when they want, dump when they want.

When institutions publicly announce their holding targets, it’s essentially a show of strength. They get the market used to their presence, used to their power, used to… that feeling of being dominated.

The ideal of decentralization is beautiful, but in reality, token distribution has always been harsh.